VANCOUVER, BRITISH COLUMBIA--(Marketwire -
Nov. 30, 2009) - Pitchstone Exploration Ltd. (TSX VENTURE:PXP)
("Pitchstone") announces the continuation of exploration on the Dome property
in Namibia. The project is a uranium exploration joint venture between Pitchstone
(60%) and private company Manica Minerals Ltd. (40%) through Manica's
wholly-owned subsidiary Cheetah Minerals Exploration Ltd. The property location
relative to the Rossing and Langer Heinrich uranium mines, and other uranium
occurrences in the western Namibian uranium district, is illustrated on the
company website (www.pitchstone.net).
Detailed electromagnetic surveying and
radiometric prospecting are underway under the direction of Remote Exploration
Services, a geological consulting group based in South Africa. This exploration
is designed to follow up on uranium mineralization discovered by prospectors
and intersected in recently completed drill holes in the Dome North area (see
October 28, 2009 News Release). Mineralization is calcrete-hosted similar to
that at the Langer Heinrich uranium mine, 70 kilometers to the northeast. The
current program is designed to define paleochannels and will be followed with
additional drilling.
Athabasca Drilling
Pitchstone has arranged with Bryson Drilling
to complete up to an additional 6,000 meters of core drilling on its Athabasca
Basin, Saskatchewan properties. Drilling will focus on Pitchstone's highly
prospective, 100% owned Gumboot property where significant uranium
mineralization has been intersected (see September 9, 2009 News Release).
Options
Pitchstone also announces that it has granted
900,000 stock options to directors, officers and employees. The options have an
exercise price of $0.40 and will expire on November 25, 2014.
About Pitchstone
Pitchstone is exploring for uranium in three
proven districts in Canada and Namibia. The property portfolio features 12 projects in
the eastern Athabasca Basin, Saskatchewan, four of which are 100% owned.
In addition, there are several joint venture projects in the Hornby
Bay Basin, Nunavut and a joint venture on two projects in Namibia.
Pitchstone benefits from the collaboration of a unique group of geologists
with extensive uranium exploration and production experience. Steve Blower,
P.Geo., President of Pitchstone, is the Qualified Person for the purposes of NI
43-101 with respect to the technical information in this news release.
On behalf of the Board,
E.A.G. (Ted) Trueman, CEO & Chairman
This
news release may contain assumptions, estimates, and other forward-looking
statements regarding future events. Such forward-looking statements involve
inherent risks and uncertainties and are subject to factors, many of which are
beyond Pitchstone's control, that may cause actual results or performance to
differ materially from those currently anticipated in such statements.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.